Following the announcement in October 2020 of the end of the partnership between Capital One and Costco, CIBC is now the new issuer. Here are the features of this new CIBC Costco Mastercard credit card.
You can use any Mastercard credit card at any Costco warehouse in Canada.
Use our credit card comparison tool to choose the best credit card for your Costco purchases.
As a bonus, here’s our tip for using a Visa credit card at Costco!
The CIBC Costco Mastercard card has no annual fee.
As of March 4, 2022, this new Costco Credit Card offers cash back on all eligible purchases such as:
You get 1% cash back on your first dollar of purchases. This is an improvement over the card issued by Capital One, as it only offered 0.5% on the first $3,000 of purchases. That was a disguised $15 annual fee.
As usual, you get your cash back in the form of a Costco gift certificate.
Also, it’s interesting to see that this Costco credit card offers 3% for gas at Costco, which is high (considering that Costco often offers the best rates on gas). And 2% at other service stations.
Please note that there is an annual limit of $5,000 in purchases in this category (from $5,001 in purchases you will get 1%). So, if you buy $100 worth of gas a week, you’ll drop to a 1% discount in the last 2 weeks of your year.
There was also a significant improvement: 2% for purchases made on Costco.ca. If you shop often on the online Costco website, this is a card to have in your wallet. There’s also an annual limit of $8,000 in Costco.ca purchases (for purchases over $8,001, you’ll earn 1%).
For example, if you buy $200 a week at Costco, you’ll drop to 1% cash back starting in the 11th month. This means you’ll miss out on 2 months of cash back at 2%.
A CIBC Costco Mastercard Business Card is also available for business owners.
Another advantage of the CIBC Costco Mastercard comes with mobile device insurance and an extended warranty. This is normal for a card with no annual fee.
That’s good, but… you could get more in return with other credit cards.
Check out our list of the best credit cards for Costco at the end of the article.
*** This section is no longer current, but we’re keeping it as an archive.
If you currently have the Capital One Costco Mastercard, you may continue to use it until you receive your CIBC Costco Card, no later than August 31, 2022. You will continue to earn cash back.
Your 16-digit credit card number, expiry date, CVV code, PIN and credit limit will be transferred to CIBC. This information does not change during the transfer. Also, your credit history for your card will be kept.
Upon receipt of the CIBC Costco card, it must be activated, and then it can be used without delay. It will also serve as a Costco membership card, like the Capital One card.
As of March 4, 2022, your Capital One Costco Mastercard account has automatically become a CIBC Costco Mastercard account. There will be no need to complete a new application and no credit check.
Also, as of that date, you will receive your credit card statement from CIBC.
And as of March 7, 2022, you can sign up for CIBC Online Banking. You will be able to access your statement online.
For those who have this option, automatic renewal of Costco membership will take place on the new CIBC Costco Mastercard at the next renewal date.
This new CIBC Card is available on Apple Pay and Google Pay.
In your CIBC Online Profile, in the My Accounts section on the left, click on View electronic statements.
Select your CIBC Costco card account and the month you want.
As the credit card account is being transferred from Capital One to CIBC, the terms and conditions of CIBC no longer apply.
Therefore, all Capital One® Mastercard® insurance coverage and price protection service will end on March 03, 2022 at 11:59 PM.
If the date of a claim (such as for car rental) or the date of purchase of an item (for extended warranty) is on or before March 03, 2022, call 1-888-324-2363 to make a claim.
If a claim occurs after March 04 or you purchase an item to have an extended warranty on or after March 04, coverage does not apply. No claims can be made.
Until March 3, 2022, you could make credit card payments to Capital One. But as of March 4, 2022, you’ll have to change the way you make your payments.
In addition, if you had a pre-authorized payment service with Capital One to automatically pay your credit card each month, this will cease. You will need to create another order with CIBC.
On your financial institution’s website (AccèsD, EasyWeb, etc.):
Note: CIBC Banking Services are now available to all cardholders. If you have a problem, call CIBC Customer Service at 1-866-346-2999.
The cash back balance has been posted on CIBC Banking since March 11, 2022.
In January 2023, CIBC Costco card cardholders will receive the amount they have earned during the year 2022.
This will be calculated as follows:
If you still have an unexpired Capital One gift certificate, it can be redeemed as usual at Costco warehouses.
You can cancel your CIBC Costco World Mastercard or CIBC Costco Mastercard by calling CIBC Customer Service at 1-866-346-2999.
To make sure you have the right credit card to use at Costco that will pay you the most, check out our credit card comparator.
If you have any questions or problems with the CIBC Costco Mastercard please contact CIBC Customer Service at 1-866-346-2999.
Of course, you can always use other Mastercard credit cards at Costco. The best credit cards for Costco can be found in this ranking.
Do you have AIR MILES? Here’s how to get your free Costco membership with your miles!
There are other ways to save at Costco with other credit cards, including the National Bank World Elite Mastercard®.
With this card, you benefit from the best travel and purchase insurance, a $150 annual travel credit and free access to the National Bank lounge in the international zone at Montreal-Trudeau airport.
Browse our credit card comparison tool to select the Best Mastercard credit card that will reward you the most.
Check out the best Costco credit card offers.
What do you think of this new Costco credit card? Visit our Facebook community to discuss!
You can use any Mastercard to store at Costco warehouses. Please note that you can also use a Visa credit card to shop online at costco.ca.
For the best credit cards for Costco, check out this page.
To access your CIBC Costco Banking account, you must follow these steps:
If you do not already have a CIBC Costco account, you can create one by clicking on the “Register Now” button on the login page. You will need to provide your personal information and follow the instructions to set up your account.
To activate your CIBC Costco Mastercard Credit Card, follow these steps:
It is important to note that the specific steps to activate your CIBC Costco Credit Card may vary depending on your location and account. If you are having difficulty activating your card, you can contact CIBC Customer Service for assistance.
Savings are here: